current situation: update

Thanks Mark. I have heard that PRM does not attract any coverage by brokers in the West. This stock is basically unknown and untraded. What we do know is that the proposed Dampier Nitrogen project has a very realistic chance of proceeding. The PDA expires on 31/5/2003. My educated guess is that a new PDA will be signed in June. There is every chance that PRM will increase their percentage from 39%. The financial advisors to PRM ( Babc'ck and Brown) will be the critical party to the amount of upside in the share price of PRM.
In other words, the way PRM fund their interest in the project depends on what B & B come up with. There are many options available including two that require NO DILUTION until production starts. Obviously that would be the best option as PRM would own in excess of 39% of a project worth 900 million Aussie dollars AND there would still only be approximately 50 million shares on issue. A market capitalization of 100 million is not out of the question given that other listed companies have that sort of market cap with prospects that are certainly no better than PRM. "Back of envelope" calculations certainly justify a price of between $1.50 and $2.30 once the Feasibility Study is at the Bankable stage.
The market doesn't want to know about this stock at the moment and daytraders aren't interested because there is no liquidity. The stock is extremely tightly held by predominantly Morgans clients and therefore when positive news eventually hits the market, the stock will fly.